比特幣與銀行：正在進行的沉默但殘酷的變態正在進行中

比特幣出生於2008年危機的陰影下，今天體現了一場革命，使銀行的基礎動搖了。

In the hushed corridors of finance, a brutal metamorphosis is unfolding. Bitcoin, forged in the shadow of the 2008 crisis, today embodies a revolution that threatens to topple the giants of banking.

在金融的安靜走廊中，殘酷的變態正在展開。比特幣在2008年危機的陰影下偽造，今天體現了一場革命，威脅要推翻銀行業的巨人。

From promises of financial emancipation to technical challenges, its ascent raises a crucial question: can it truly dethrone the behemoths of traditional finance?

從財務解放的承諾到技術挑戰，其上升提出了一個至關重要的問題：它可以真正擺脫傳統金融的龐然大物嗎？

Let’s dispense with the usual clichés and take a candid look at the clash between these two paradigms.

讓我們分開通常的陳詞濫調，坦率地看一下這兩個範式之間的衝突。

Bitcoin vs banks: a war of architectures

比特幣與銀行：建築戰爭

Bitcoin is based on a peer-to-peer network, without a conductor. It’s a decentralized ledger, secured by miners who aggregate transactions in blocks, forming a chain of trust.

比特幣基於無導體的對等網絡。這是一個分散的分類帳，由礦工保證，他們在塊中匯總交易，形成一系列信任。

Banks, on the other hand, function like centralized cathedrals, where each stone depends on a higher authority. They are institutions supervised by the State, collecting deposits to grant loans.

另一方面，銀行的功能像集中的大教堂一樣，每塊石頭都取決於更高的權威。他們是國家監督的機構，收集存款以授予貸款。

This structural divergence explains why Bitcoin appeals to those disillusioned by institutions. It replaces trust in fallible men with irrefutable mathematics.

這種結構上的分歧解釋了為什麼比特幣吸引機構幻滅的人。它取代了對可犯錯誤的男人的信任，用無法矯正的數學。

In 2021, El Salvador adopted Bitcoin as legal tender, despite warnings from the IMF and World Bank. The result? An economy less dependent on the dollar, but exposed to the cryptocurrency’s volatility.

儘管國際貨幣基金組織和世界銀行警告說，2021年，埃爾·薩爾瓦多（El Salvador）將比特幣作為法定貨幣。結果？經濟較少依賴美元，而是暴露於加密貨幣的波動。

Meanwhile, traditional banks, protected by State safety nets, have withstood the storms and emerged stronger. Bitcoin offers risky freedom; banks, corseted stability.

同時，受國家安全網保護的傳統銀行經受了風暴的影響，並變得更加強大。比特幣提供危險的自由；銀行，緊身的穩定性。

Bitcoin handles 7 transactions per second, compared to thousands for Visa or tens of thousands for Starlink. Solutions like Lightning Network are trying to bridge this gap, but the road remains long.

比特幣每秒處理7筆交易，而簽證或數以萬計的星條鏈接。諸如Lightning Network之類的解決方案試圖彌合這一差距，但道路仍然很長。

Banks, despite their touted heaviness, have already mastered the art of massive flows. An advantage that could erode if blockchain technology matures and new use cases emerge.

銀行儘管吹捧沉重，但已經掌握了大量流動的藝術。如果區塊鏈技術成熟並出現新的用例，可能會侵蝕的優勢。

Bitcoin promises a bank account on a smartphone. Yet, 3 billion people still lack internet access, and in sub-Saharan Africa, only 48% of adults own a mobile phone. Without this digital infrastructure, the dream of inclusion remains a mirage.

比特幣承諾在智能手機上提供銀行帳戶。然而，仍有30億人缺乏互聯網訪問，在撒哈拉以南非洲，只有48％的成年人擁有手機。沒有這種數字基礎設施，包容性的夢想仍然是一個海市rage樓。

Cross-border transfers via Bitcoin cost a few cents, compared to an average of 6% for traditional services. But this saving masks a problem: the volatility of BTC can eliminate gains in just a few hours. Stablecoins like USDC attempt to address this, but their peg to traditional currencies perpetuates dependency on the current system.

通過比特幣的跨境轉移花費幾美分，而傳統服務平均為6％。但是這種節省的掩蓋是一個問題：BTC的波動性可以在短短幾個小時內消除增長。像USDC這樣的Stablecoins試圖解決這一問題，但它們與傳統貨幣的釘子會永久依賴當前系統。

Security: blockchain vs human psychology

安全：區塊鏈與人類心理學

The Bitcoin blockchain has never been hacked. Its code, open-source and scrutinized by thousands of developers, is a marvel of resilience. But digital wallets, used to store private keys, on the other hand, are vulnerable.

比特幣區塊鏈從未被黑客入侵。它的代碼是成千上萬的開發人員的開源和審查，是一種彈性的奇蹟。但是，另一方面，用於存儲私鑰的數字錢包很脆弱。

In the first quarter of 2025, losses related to cryptocurrency platform hacks reached $1.63 billion. A staggering sum that showcases the urgency of cybersecurity in this rapidly evolving industry.

在2025年第一季度，與加密貨幣平台黑客攻擊有關的損失達到16.3億美元。在這個迅速發展的行業中，這表明網絡安全的緊迫性。

Banks, like Zoom in 2020, spend billions on cybersecurity, yet they still experience regular data breaches and fraud. In 2022, 74% of financial institutions reported an increase in cyberattacks.

像2020年的Zoom一樣，銀行在網絡安全上花費了數十億美元，但他們仍然會遇到定期的數據洩露和欺詐。 2022年，有74％的金融機構報告說網絡攻擊有所增加。

Bitcoin eliminates intermediaries, but not human errors. It shifts the burden of vigilance onto the individual.

比特幣消除了中介，但沒有消除人類錯誤。它將警惕的負擔轉移到個人身上。

An advantage of banks is that they offer, at least psychologically, a greater sense of recovery. 20% of bitcoins are locked in inaccessible wallets. A simple USB key misplaced or lost, and fortunes evaporate.

銀行的一個優點是，他們至少在心理上提供了更大的康復感。 20％的比特幣被鎖定在無法訪問的錢包中。一個簡單的USB密鑰放錯了或丟失，命運蒸發。

Banks, with their administrative procedures and backup systems, forge a more durable fabric of security, even if it’s an illusion. They offer a psychological resilience that Bitcoin cannot yet provide.

銀行憑藉其管理程序和備份系統，即使是一種幻想，也可以製造出更耐用的安全結構。他們提供了比特幣還無法提供的心理彈性。

Economic stability: the deflationary trap

經濟穩定：通縮陷阱

Bitcoin is limited to 21 million units. A scarcity that attracts investors but poses a problem: how to manage an economy without any possibility of monetary adjustment?

比特幣僅限於2100萬台。吸引投資者但又提出問題的稀缺性：如何在沒有任何貨幣調整的情況下管理經濟？

Central banks use inflation or deflation as a lever to steer an economy out of crisis. Bitcoin, on the other hand, imposes a rigidity that may be an advantage in good times, but an unmanageable constraint in bad times.

中央銀行使用通貨膨脹或通貨膨脹作為槓桿，以使經濟擺脫危機。另一方面，比特幣施加了一種剛性，這在好時期可能是一個優勢，但在壞時期內的限制是難以控制的。

In 2024, 60% of BTC holders consider it as “digital gold,” a hedge against inflation. Few use it to buy a coffee or pay their rent daily.

在2024年，60％的BTC持有人認為它是“數字黃金”，這是一種反對通貨膨脹的樹籬。很少有人用它購買咖啡或每天支付租金。

As long as it remains a speculative asset, its role as a currency for everyday exchanges will remain marginal. But banks, despite their flaws, retain the monopoly on these small, daily transactions.

只要它仍然是投機性的資產，其作為日常交流的貨幣的作用將保持邊際。但是銀行儘管存在缺陷，但仍保留了這些小型每日交易的壟斷。

BlackRock and JPMorgan are integrating Bitcoin into their funds, but as an investment product, not as a currency for small, daily transactions. A hybrid adoption that reinforces the current system more than it dismantles it.

貝萊德（Blackrock）和摩根大通（JPMorgan）正在將比特幣整合到其資金中，但作為投資產品，不是作為每日小型交易的貨幣。一種混合採用率可增強當前系統的勝利。

The EU adopted MiCA in 2023 to regulate cryptos, and the United States oscillates between the stifling hand of the SEC and the rapid innovation of Web3 startups.

歐盟於2023年通過雲母進行了雲母，以調節加密貨幣，美國在SEC的窒息之手和Web3初創公司的快速創新之間振盪。

Without a clear framework for integration, Bitcoin will never supplant banks. But excessive regulation could jeopardize the decentralized essence of BTC and ultimately backfire.

如果沒有明確的集成框架，比特幣將永遠不會取代銀行。但是，過度的監管可能會危害BTC的分散本質並最終適得其反。

Bitcoin will not kill banks. It forces them to adapt in an era of hybrid finance, where

比特幣不會殺死銀行。它迫使他們適應混合金融時代